The shares of automotive giant, Tata Motors have declined by more than 1 per cent after reports suggested that the company will halt production at its unit in Jamshedpur for three days due to prevailing economic conditions.
Tata Motors spokesman PJ Singh said, "A block closure has been announced from June 28 to 30 in the Jamshedpur plant." He also said that the company’s decision is driven by the market and thus it had to take the decision to halt production.
After opening on a weak note, the shares of the company further fell 1.46 per cent to Rs. 235.10 on the Bombay Stock Exchange (BSE). On the other hand, the shares were down 1.65 per cent at Rs. 235.25 on the National Stock Exchange (NSE).
The production will affect about 10,000 employees and will continue for three days and well as the following Sunday.
Meanwhile, India’s automotive major, Tata Motors has recorded a growth of 12 per cent in worldwide growth to 96,089 units mainly due to strong numbers form the company’s UK based Jaguar Land Rover unit. The company’s overall passenger vehicle sales rose 6 percent at 20,970 units and commercial vehicles sales increased 3 per cent to 45,025 units.
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